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Category: Real Estate News

Buyers Remain Cautious As Fall Market Begins

VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver declined 3.8 per cent year over year in September, suggesting recent reductions in borrowing costs are having a limited effect in spurring demand so far. Greater Vancouver REALTORS® (GVR)2 reports that residential sales in the region totalled 1,852 in […]

Sellers Await Buyers’ Return After Quieter Summer Market

Home sales registered on the MLS® in Metro Vancouver remained below their ten-year seasonal averages in August as summer holidays come to a close. The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 1,904 in August 2024, a 17.1 per cent decrease from the 2,296 sales recorded in August 2023. This […]

More Inventory Not Resulting in More Sales

Newly listed properties registered on the Multiple Listing Service® (MLS®) rose nearly twenty per cent year over year in July, helping to sustain a healthy level of inventory in the Metro Vancouver housing market. On the demand side, the Greater Vancouver REALTORS®2 (GVR) reports that residential sales in the region totalled 2,333 in July 2024, […]

Market Shifting To Favour Buyers

Market shifting in buyers’ favour, though hesitation remains Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019. The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region […]

Vancouver Home Sales Down While Inventory Continues to Increase

The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region. The […]

Foreign Buyer Ban Extended to 2027

Canada is extending its foreign homebuyer ban until 2027. On Feb 4, 2024 – the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, announced the federal government’s intent to extend by an additional two years, the existing ban on foreign ownership of Canadian housing. Under the ban, which first came into effect in 2023, […]

New BC Government Regulations for Short-Term Rentals in 2024

As of May 2024, the BC Government will be adding its own short-term rental restrictions, which will be in addition to municipal and strata restrictions. The main thrust of the new provincial government legislation is to keep short-term rentals within principal residences only. Although the details are still evolving, below are the current highlights that […]

Bank of Canada Interest Rate Announcement – Oct 25, 2023

The Bank of Canada maintained its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that there is growing evidence that higher interest rates are dampening economic activity, and it expects growth to be weak through 2024. On inflation, the Bank sees little downward momentum in its […]

Seasonal Slowdown Brings Price Stability

As summer winds to a close, higher borrowing costs have begun to permeate the Metro Vancouver housing market in predictable ways, with price gains cooling and sales slowing along the typical seasonal pattern. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,296 in August 2023, a 21.4 per […]

BC Government Removes Age & Rental Restrictions to Strata Title Properties

BILL 44 – 2022: BUILDING AND STRATA STATUTES AMENDMENT ACT. On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect.   There are three significant changes impacting strata properties: 1. All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo. […]

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